Interested in House Hacking in Chicago, IL

[Alvin C.]

Hey everyone! I'm a new investor interested in house hacking a in Chicago. I prefer living closer to the city and like areas such as Logan, Wicker, etc. but I'm open to other areas. Would love to connect with anyone experienced in house hacking in Chicago!

What are good areas? Are there good opportunities in Chicago? 

[Andrew Postell]

@Alvin C. I love house hacking!  It's how I got started and there are lots of benefits to it.  The main concept that I would encourage you to think about is since it will be your primary home then you should think of your needs first.  Sometimes people have school zone requirements, sometimes commute times, sometimes they want to feel safe in the neighborhood, sometimes they can only afford $X amount of a property, and there are plenty of others.  You will likely have a few too (probably even some that I didn't mention).  And THEN once I find a home that satisfy my needs - then I house hack it.

Now, I have seen people say something like "I only want to purchase a quad that cashflows"...and all the 4 unit properties in their area are $1million+...and none of them cashflow.  So, having realistic expectations is important too.  I would suggest to first get with an experienced real estate agent about what neighborhoods might fit your personal needs.  Then get prequalified to make sure you can afford those things.  I guess you could get prequalified first, and then seek out an agent but a lot of agents know lenders anyway so going to an agent first might be a good start.

Hope all of that makes sense.  Thanks!